NBA commissioner David Stern (Cody Mulcahy/Wikimedia Commons)

After a seven-hour meeting between owners and players, Stern told reporters that the two sides "remain very, very apart on all issues."

The NBA lockout is in its fourth month since the old collective bargaining agreement expired on July 1. The season was scheduled to begin on November 1. The last time an NBA lockout lasted affected play was in 1998, when the 1998-99 season was shortened to 50 games.

"With every day that goes by, there will be further reductions on what's left of the season," Stern said. "We have a gulf that separates us."

Adrian Wojnarowski of Yahoo! Sports added on Twitter that "Stern suggests that owner's offers will get worse for players to account for NBA losses during missed games."

No new talks have been scheduled between the two sides, according to Wojnarowski. The missed games will not be made up.

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